“¢ The precious metal has been trending higher alongside an ascending trend-line over the past one week or so, though the up-move now seemed to have paused.
“¢ Technical indicators on hourly charts maintain positive bias but have struggled to pick up the pace on daily chart, failing to support the positive momentum.
“¢ Hence, it would be prudent to wait for a sustained move beyond the $1200 psychological mark before positioning for any further near-term recovery for the commodity.
Gold 1-hourly chart
Spot Rate: $1197.37
Daily Low: $1192.60
Trend: Bullish above $1200 mark
Resistance
R1: $1200.22 (20-day SMA)
R2: $1206.60 (horizontal zone)
R3: $1209.15 (R3 daily pivot-point)
Support
S1: $1192.60 (current day swing low)
S2: $1186.08 (100-period SMA H1)
S3: $1180.05 (S3 daily pivot-point)
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